The India–UK free trade agreement, signed last month, is expected to deliver substantial benefits to India’s mineral industry, particularly the aluminium sector, the Ministry of Mines said on Tuesday.
Addressing a webinar organised to connect stakeholders from the Indian mineral sector, Secretary (Mines) V.L. Kantha Rao outlined the opportunities offered by the Comprehensive Economic and Trade Agreement (CETA), including enhanced market access and greater competitiveness in the UK market.
Highlighting prospects for research and development collaboration between the two countries, Rao emphasised the need to identify UK product demand through roadshows to fully leverage CETA’s provisions.
The event was attended by senior officials from the Ministry of Mines and its organisations; Minister (Economic), High Commission of India (HCI), London, UK; and industry leaders and representatives of several industry associations like Federation of Indian Mineral Industries (FIMI), Aluminium Association of India (AAI), Aluminium Secondary Manufacturers Association (ASMA) and Material Recycling Association of India (MRAI) and notified private exploration agencies.
As part of the India-UK deal, India will cut tariffs on 90% of British products, while the UK will lessen duties on 99% of Indian exports. This substantial easing of tariff lines and regulatory barriers across sectors aims to enhance market access and reduce costs for businesses on both sides.
For Indian consumers, the deal will decrease prices on imported goods such as Scotch whisky, gin, luxury cars, cosmetics, and medical devices. Indian exporters, especially in textiles and leather, stand to gain from zero duties, improving their competitiveness against nations like Bangladesh and Cambodia.
(With agency inputs)
